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Praise for A Demon of Our Own Design
"This book is powerful stuff. When the hero of the story is a cockroach, you are assured of a controversial, illuminating, and fascinating discovery of where the financial risks really lurk and how to avoid them. Bookstaber knows whereof he speaks."
-Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk
"Are you ready for the real deal? An insider, everysider view of the Wall Street calamities that have kept investing tantalizingly hot and frighteningly volatile since the crash of '87. For an in-depth, curtains-open, and coolly written exposition of Wall Street, Bookstaber is my man."
-Mark Rubinstein
Professor of Finance, UC Berkeley
"He understands the inner workings of the financial markets. . . . A liberal sparkling of juicy stories from the trading floor."
-The Economist
"I cannot recommend this book too highly. It is a clear exposition of what the combination of derivatives, leverage, and hedge funds can do to the markets."
-[...]
Praise for A Demon of Our Own Design
"This book is powerful stuff. When the hero of the story is a cockroach, you are assured of a controversial, illuminating, and fascinating discovery of where the financial risks really lurk and how to avoid them. Bookstaber knows whereof he speaks."
-Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk
"Are you ready for the real deal? An insider, everysider view of the Wall Street calamities that have kept investing tantalizingly hot and frighteningly volatile since the crash of '87. For an in-depth, curtains-open, and coolly written exposition of Wall Street, Bookstaber is my man."
-Mark Rubinstein
Professor of Finance, UC Berkeley
"He understands the inner workings of the financial markets. . . . A liberal sparkling of juicy stories from the trading floor."
-The Economist
"I cannot recommend this book too highly. It is a clear exposition of what the combination of derivatives, leverage, and hedge funds can do to the markets."
-[...]
Richard Bookstaber ran an equity hedge fund at FrontPoint Partners and was the director of risk management at Ziff Brothers Investments and at Moore Capital Management, one of the largest hedge funds in the world. He served as the managing director in charge of firm-wide risk management at Salomon Brothers and was a member of Salomon's powerful Risk Management Committee. Mr. Bookstaber also spent ten years at Morgan Stanley in quantitative research and as a proprietary trader, concluding his tenure there as Morgan Stanley's first market risk manager. He is the author of three books and scores of articles on finance topics ranging from options theory to risk management. Bookstaber received a PhD in economics from MIT. He now works at a hedge fund in Connecticut.
Preface ix
Acknowledgments xvii
About the Author xix
Chapter 1 Introduction: The Paradox of Market Risk 1
Chapter 2 The Demons of '87 7
Chapter 3 A New Sheriff in Town 33
Chapter 4 How Salomon Rolled the Dice and Lost 51
Chapter 5 They Bought Salomon, Then They Killed It 77
Chapter 6 Long-Term Capital Management Rides the Leverage Cycle to Hell 97
Chapter 7 Colossus 125
Chapter 8 Complexity, Tight Coupling, and Normal Accidents 143
Chapter 9 The Brave New World of Hedge Funds 165
Chapter 10 Cockroaches and Hedge Funds 207
Chapter 11 Hedge Fund Existential 243
Conclusion: Built to Crash? 255
Notes 261
Index 273
| Erscheinungsjahr: | 2008 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | 288 S. |
| ISBN-13: | 9780470393758 |
| ISBN-10: | 0470393750 |
| Sprache: | Englisch |
| Herstellernummer: | 14539375000 |
| Einband: | Kartoniert / Broschiert |
| Autor: | Bookstaber, Richard |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, amartine@wiley-vch.de |
| Maße: | 229 x 152 x 17 mm |
| Von/Mit: | Richard Bookstaber |
| Erscheinungsdatum: | 01.12.2008 |
| Gewicht: | 0,443 kg |
Richard Bookstaber ran an equity hedge fund at FrontPoint Partners and was the director of risk management at Ziff Brothers Investments and at Moore Capital Management, one of the largest hedge funds in the world. He served as the managing director in charge of firm-wide risk management at Salomon Brothers and was a member of Salomon's powerful Risk Management Committee. Mr. Bookstaber also spent ten years at Morgan Stanley in quantitative research and as a proprietary trader, concluding his tenure there as Morgan Stanley's first market risk manager. He is the author of three books and scores of articles on finance topics ranging from options theory to risk management. Bookstaber received a PhD in economics from MIT. He now works at a hedge fund in Connecticut.
Preface ix
Acknowledgments xvii
About the Author xix
Chapter 1 Introduction: The Paradox of Market Risk 1
Chapter 2 The Demons of '87 7
Chapter 3 A New Sheriff in Town 33
Chapter 4 How Salomon Rolled the Dice and Lost 51
Chapter 5 They Bought Salomon, Then They Killed It 77
Chapter 6 Long-Term Capital Management Rides the Leverage Cycle to Hell 97
Chapter 7 Colossus 125
Chapter 8 Complexity, Tight Coupling, and Normal Accidents 143
Chapter 9 The Brave New World of Hedge Funds 165
Chapter 10 Cockroaches and Hedge Funds 207
Chapter 11 Hedge Fund Existential 243
Conclusion: Built to Crash? 255
Notes 261
Index 273
| Erscheinungsjahr: | 2008 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | 288 S. |
| ISBN-13: | 9780470393758 |
| ISBN-10: | 0470393750 |
| Sprache: | Englisch |
| Herstellernummer: | 14539375000 |
| Einband: | Kartoniert / Broschiert |
| Autor: | Bookstaber, Richard |
| Hersteller: |
Wiley
John Wiley & Sons |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, amartine@wiley-vch.de |
| Maße: | 229 x 152 x 17 mm |
| Von/Mit: | Richard Bookstaber |
| Erscheinungsdatum: | 01.12.2008 |
| Gewicht: | 0,443 kg |
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